Friday, October 16, 2009

Stress has got the drop on me....

I just returned from Lake Buena Vista after 3 days of 'clerk school'. I rode with Dianne from Bonita. What a delightfully charming lady. I truly enjoy her company. This was the first time I've attended 'the academy' for the 3 days. Until now, my attendance was for a full week, but now I'm running with the big kids. ;) My name badge now has a sticker that says ADVANCED as opposed to FIRST YEAR or SECOND YEAR or THIRD YEAR . Woohooo!
I was anxious to get home, though, as the house buying thing is ever on my mind. Let me say right now, that if you are in the market to purchase a home, do not - i repeat DO NOT - use Wells Fargo. I assume that they are not interested in making conventional loans: They will do government loans, i.e., FHA OR VA, because they are secured. Maybe Wells Fargo is in such deep doo-doo with the housing market that this is the only way they can hope to survive. They wasted over three weeks of my time going through the motions of writing a loan. I pushed for some numbers and gave them a deadline. Two weeks before closing, I called and asked for some final numbers. "Don't worry, you're approved - it's just a matter of how much you need to bring to the table. " Then there was chatter about my income to debt ratio: I have co-signed for loans for both of my daughters: auto loan and education loans. I explained things, sent documents, made phone calls. This was Tuesday, two weeks before closing. I informed them that I would be out of town the better part of the next week (clerk school) and that I needed some numbers by Friday. They assured me that there was no problem, and that they would have the final numbers for me by Friday.

Friday noon I got an e-mail from the Wells Fargo mortgage consultant and the subject was requesting I call him when I got the e-mail. I called him and he said that I needed to bring $98,000. to the table. Yes, you read correctly: NINETY-EIGHT THOUSAND DOLLARS.

I chose to apply for my mortgage loan with Wells Fargo because they are the recent parent company of Wachovia, which is the bank that has had my business for sometime. The local branch is a very good group of people with whom I have a great history and rapore. When I told them of my experience, they were genuinely mortified. They are retrieving some of my expense for the appraisal and application fee.

I'm now with a mortgage broker, a woman I have known for nearly ten years and whose office is here on the island. The closing is set for Nov 4 or before, the appraisal is set for Monday morning, the underwriters have given their conditions which can easily be met. The survey is done, there's clear title. An interesting piece in this is that the CD I have with Wachovia is sent to mature on 10/24/09, so I am not subject to the penalty that would have resulted with the 10/20/09 closing date. It's all GOOD! We're good to go!

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